The Senate after a delayed plenary on Wednesday has asked the Central Bank of Nigeria (CBN) to significantly adjust its recently announced cash withdrawal limits in response to public outcry against the new policy.
In its resolution, the Senate also requested that its Committee on Banking and Finance conduct aggressive oversight of the apex bank as it implements the policy and provide periodic reports to the Senate.
The Senate’s resolution was reached after a lengthy debate by lawmakers who attended Wednesday’s plenary session.
Some lawmakers claimed that the CBN’s withdrawal threshold is unrealistic given the country’s economic situation.
Some lawmakers chastised the CBN for not conducting extensive consultations on the policy prior to its announcement, while others argue that the policy will drive Point of Sale (PoS) operators out of business.
Furthermore, some lawmakers believe the policy will harm Nigerians in the informal sector, the unbanked, and those living in rural areas.
The Senate postponed its debate on the policy on Tuesday. However, lawmakers were scarcely present at Wednesday’s plenary session. The plenary session began later than usual on a day when lawmakers were scheduled to debate the new CBN cash withdrawal policy.
BizWatch Nigeria recalls that the House of Representatives (Reps) requested that the Central Bank of Nigeria (CBN) suspend the weekly cash withdrawal limits for individuals and corporate entities. The lawmakers also summoned CBN Governor Godwin Emefiele to discuss the new policy, which is set to go into effect on January 9, 2023
